New Delhi: There have been significant layoffs across various sectors in the job industry in 2024. Several large and new-age companies, including Swiggy, Ola, Paytm, and others, have made substantial cuts to their workforce since January. Here, are major Indian firms that have laid off hundreds of employees this year, according to TimesNow.
Simpl
Simpl, a buy now pay later platform, let go of approximately 160-170 employees in May 2024. According to a report by MoneyControl, this layoff affected around 25% of Simpl’s total workforce. The company’s decision reflects ongoing challenges within the fintech sector.
Ola Cabs
In April 2024, Ola Cabs, a popular ride-hailing company, laid off about 200 employees, which represents nearly 10% of its workforce. The company stated that this move was necessary to improve profitability. Notably, Ola’s Chief Executive Hemant Bakshi resigned just three months after his appointment, adding to the company’s turbulent period.
Byju’s
The ed-tech giant Byju’s, struggling with financial difficulties, laid off 500 employees in April 2024. This reduction, which affected about 3% of its workforce, hit roles in sales, marketing, and teaching. Reports indicate that the layoffs were conducted over phone calls, followed by emails, highlighting the severity of the situation at Byju’s.
Swiggy
The online food delivery service announced the layoff of around 400 employees in January 2024. Despite Swiggy’s food delivery business being profitable for several quarters, the company needed to cut jobs to balance its finances at a group level.
Flipkart
In January 2024, Flipkart, owned by Walmart, trimmed its workforce by 1,100-1,500 employees, amounting to a 5-7% reduction. An Economic Times report revealed that the company also halted new hiring over the past year to manage costs effectively.
Good Glam Group
A content-to-commerce platform, it laid off 150 employees in April 2024, equating to about 15% of its total workforce. This move was part of a new organisational framework aimed at streamlining operations and eliminating redundancies.
Among others, in the ed-tech sector, companies like PrepLadder and Scaler announced job reductions. Fintech startups including Wint Health, Lentra, and Muvin also fired employees. Health-focused firms like HealthifyMe and Pristyn Care cut jobs in the health industry, while fitness startups Cult.fit and Cure.fit followed suit.
Other notable Indian startups that announced layoffs in 2024 include Bolt. Earth, CoRover, Airmeet, WayCool, Licious, and BlissClub.
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